Yes, but the front straight is also the longest straight on the track, and its length offsets the disadvantage of the elevation change.T Bell said:turn 1 kills the top speed, cause over 1/2 of the straight is going uphill.
The elevation change is worst at the start of the front straight, as you approach the pedestrian bridge. By the time you reach the start/finish line, it's pretty much leveled out, and you still have a lot of straight left before you get to the braking zone for turn 1.
Also - on any racetrack, there are turns that look faster/easier than they are, and there are turns that look slower than they are. The kink is in the former category. Turn 1 is in the latter category; once you realize how fast it is, you can do less braking for it, and start braking later - extending the front straight. Most people start braking well before they really need to.